Trend reversal or correction?
By: Ahura Chalki
Crude Oil started a week with one week high at $54.82 and kept its last 5 days uptrend move in the positive side. Analysts believe that delay in Mexico tariffs is the most reason for that, however, we have to remember that U.S. Baker Hughes Total Rig Count, realized at last Friday was less than a week ago, 975 against of 984 of last week. But besides all of them, the upcoming OPEC meeting with extending the production cuts plan helped that so much and it’s predicted that to continue the same way till OPEC meeting.
From the technical side, in both H1 and H4 chart, price is above Kinju-Sen and Tenkan -Sen also has a slope up and moves above from down in the Ichimoku indicator with uptrend sign. Which can confirm by the MA line as well, where it is under candles clearly, while the RSI line also with a slope up moves above 60-level.
Pivot point: 53.81
Resistance levels: 57.98 / 55.35
Support levels: 53.26 / 52.10
The expected trading range for today is between 53.26 support and 55.35 resistance.
The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment read this PAGE